Playhouse Square, Westport
Mark Fisher, senior director in the New York office of L.J. Melody & Co., the real estate investment banking arm of CB Richard Ellis, has arranged a $14.8 million permanent, fixed-rate mortgage loan secured by the 38,941-square foot-Playhouse Square retail property in Westport.
“Although the original loan had six years remaining to maturity, the alignment of the short-term and long-term Treasury rates made prepaying the loan very beneficial to the borrower despite the large prepayment penalty,” said Fisher. “Prepayments are a large part of our business these days because of the unusual yield curve, low long-term rates, low spreads and the phenomenal increase in real estate values.”
The financing was arranged on behalf of HB Nitkin Group, which purchased the property six years ago.
“This high-end retail property has been an excellent performer for us remaining perpetually leased and increasing substantially in value,” said Michael Basile, senior vice president of real estate for HB Nitkin. “It is centrally located directly on Post Road, just a few feet from Main Street.”
Greenwich Capital provided the financing.
“Greenwich Capital continues to do an exceptional job financing all types of income-producing properties,” Fisher said.
“The property’s current value allowed us to cash out and still provide the lender a conservative loan,” Basile said.
HB Nitkin is based in Greenwich and owns and operates more than 750,000 square feet of retail space. It also owns the Greenwich Financial Center office building in Greenwich. H.B. Nitkin is one of Connecticut’s most successful real estate owners/operators, showing some of the highest returns to its investors.
“Brad [Nitkin] seems to have the ‘Midas touch’ when it comes to investing in real estate,” said Fisher. “He’s been incredibly successful and has a long list of satisfied investors to prove it.”
Playhouse Square is a high-end retail facility located at 275 Post Road East. The retail center offers ample parking and is within walking distance to the main shopping area of Main Street. The property is 96 percent occupied with tenants that include Cashmere of Westport, Connecticut Health Food, Danskin Inc. and Splash of Pink.
Seibert Marks Anniversary
Walter “Ted” Seibert, senior vice president in U.S. Trust’s Stamford office, recently celebrated his 35th anniversary with the firm.
“During his tenure with U.S. Trust, Ted has been extremely valuable and has played a key role in the success of U.S. Trust in Connecticut, beginning with the opening of the first Connecticut office in Stamford in 1993,” said Regional Chief Executive Officer W. Michael Funck. “We are grateful for Ted’s continued commitment and dedication to the firm.”
Seibert is a senior portfolio manager in U.S. Trust’s Investment Division and manages the Investment Group in Stamford. He joined the company in 1970 and has spent his entire career managing assets for individuals and families, and, in some cases, is now working with the fourth generation. U.S. Trust is a wealth management company that provides planning, investment management, fiduciary and private banking services.
Seibert serves as commissioner on the town of Ridgefield’s Connecticut Pension Commission, where he oversees that community’s pension plans. He received a bachelor of arts degree in economics from Trinity College in Hartford in 1967. Seibert served three years in the U.S. Army, including a tour in Vietnam.
